NAIFA members describe potential fallout of unworkable DOL rule

NAIFA members Richard Murphy and Dori Phillips tell INN reporter John Hilton that they would be forced to surrender services to small- and mid-market investors if the Department of Labor fiduciary rule moves forward.
“I don’t deal with the high-end client. The people this is meant to protect are the same people this is going to hurt,” Phillips told Hilton, adding that those served by her business might have as low as $25 a month to invest for retirement. In the INN story, Phillips said she does not believe her clients would be willing to pay  up to 250 or more for a financial counseling session.
“When I first found out about this rule, I went straight to my clients,” Phillips recalled. “They said they absolutely would not be willing to pay a fee upfront.”
Richard Murphy shares Phillips’ views, saying he may “forfeit the fight” if the DOL’s proposed fiduciary rule becomes law in its current form.
“Maybe I’ll just surrender my license,” Murphy said. “It’s a complication that I don’t need.”
NAIFA President Juli McNeely and her client will testify Tuesday at a DOL Conflict of Interest Proposal public hearing. McNeely is scheduled for 4:15 p.m. Watch the live webcast at dol.gov/live


Comments
Blog post currently doesn't have any comments.